We are all aware that modern workers are seeking much more than just a paycheck. Most employees desire a sense of purpose and want to be associated with organizations that work to improve the world. Employees, especially the younger talent, have been reevaluating the firms they work for with a focus on purpose and impact on society, per the 2020 Deloitte Global Millennial Survey. One of the causes of the labor market's high volatility is that wages and working conditions are insufficient to retain employees for an extended period of time.
Employee retention refers to the ability of a firm to maintain its existing employees under their contracts. This results in a more reliable, effective workforce. Companies that are committed to keeping their best employees create policies and initiatives designed to lower employee turnover.
Companies that have been successful in generating high staff retention rates are in a better position to accomplish corporate objectives and attract new personnel. A company's capacity to hold onto its people, particularly in competitive hiring markets, has profound implications for its ability to function at a high level, free from the disruptions that staff turnover brings, making it a key competitive differentiator.
Amidst all crises firms are facing thanks to the great resignation, there is also a shortage of talent. We do not have enough skilled professionals to fill job vacancies. This job-skill disparity is only projected to grow with an extensive new Korn Ferry report suggesting that by 2030, more than 85 million jobs could go unfilled because of the lack of people skills to fill them.
Most firms are now taking a new approach of not only focusing on new hires but also on programs that can help retain existing employees. IT departments in particular have increased efforts to retain valuable staff in the face of persistent skill gap challenges as they have been the most affected group.
Let us look at a few strategies to retain top talent while also attracting new employees.
Retention begins at the recruiting stage
Retention begins with the application process, which includes screening applicants and deciding who to interview. It begins with determining which aspects of your corporate culture you want to emphasize and the strategy you would like to implement moving forward. Have a checklist of what you are looking for in an ideal employee and then look for those in your candidates. This will save you the time and effort you might put into vetting candidates who aren't a good fit for your company.
Recognize candidates who will stick with the program.
While creating your checklist for your ideal candidates, go beyond the information that has been provided in their resumes. One of your best indicators is to choose candidates who have spent a long time at their previous jobs. Look for the duration they have worked and make a note of the timeline. If they have stuck with an organization through thick and thin, that is a good indicator of perseverance, loyalty, and engagement in their role. In addition, look for team players.
If there are candidates who have worked along with teams such as in a sport or volunteered for a cause, then there are your ideal candidates. You already know that they have a growth mindset and will go through with their work if they really care about something. If you have candidates who have had 5 different jobs in a matter of 6 years then they might require a lot more effort to retain.
Pick candidates whose values align with your organization
Employees who are aligned with the organization's values, vision, and mission tend to stay longer. Thus, identifying them during the recruitment process can pay long-term dividends in terms of retention. Rather than focusing solely on longevity, identify candidates with whom your organization's story resonates. When top talent believes they share values with their employer, they are more likely to stay with the organization for a longer period of time.
Prioritize your employees' needs.
Experts advise that you should understand your employees' desires and be prepared to meet them. Employee expectations are changing, as our times change. People, for example, are looking for organizations that can offer flexibility in a way that meets their specific needs and preferences. That holds true whether they are an applicant or an existing employee. If a company is unable to provide flexibility, it may find it difficult to attract and retain talent. Recognize that people are multidimensional — and that as a firm, you must support the whole person, whether through flexibility, a diverse set of benefits, financial stability, or purposeful projects to keep them engaged.
Engage your workforce
Employees who are engaged in their workplace are more likely to stay, but the opposite is also true: workers who are disconnected from development opportunities, management, or the organization's values are more likely to leave. Disengaged workers constitute a sizable proportion of the workforce: according to a Gallup poll conducted in 2021, 15% of US workers are "actively disengaged."
Engaging employees through employee engagement programs such as employee volunteering, Zumba or workout sessions, webinars on new topics, and workshops to help build new skills, can make your employees more enthusiastic about their work and will contribute to an overall positive work environment.
If you are looking to implement employee volunteering as your employee retention strategy then Chezuba is the best platform for you. With nonprofit partners from over 100 countries and a myriad of skills to choose from, your employees will be able to volunteer virtually at any time from anywhere. Book a free demo to learn how Chezuba can help you implement and scale your employee volunteering program.
Explore how corporate volunteering boosts employee engagement and mental health this World Mental Health Day.
August 5, 2022
A Comprehensive Strategy For Employee Retention
This article discusses the importance of employee retention and how it can be improved by a comprehensive strategy and increased employee engagement.
We are all aware that modern workers are seeking much more than just a paycheck. Most employees desire a sense of purpose and want to be associated with organizations that work to improve the world. Employees, especially the younger talent, have been reevaluating the firms they work for with a focus on purpose and impact on society, per the 2020 Deloitte Global Millennial Survey. One of the causes of the labor market's high volatility is that wages and working conditions are insufficient to retain employees for an extended period of time.
Employee retention refers to the ability of a firm to maintain its existing employees under their contracts. This results in a more reliable, effective workforce. Companies that are committed to keeping their best employees create policies and initiatives designed to lower employee turnover.
Companies that have been successful in generating high staff retention rates are in a better position to accomplish corporate objectives and attract new personnel. A company's capacity to hold onto its people, particularly in competitive hiring markets, has profound implications for its ability to function at a high level, free from the disruptions that staff turnover brings, making it a key competitive differentiator.
Amidst all crises firms are facing thanks to the great resignation, there is also a shortage of talent. We do not have enough skilled professionals to fill job vacancies. This job-skill disparity is only projected to grow with an extensive new Korn Ferry report suggesting that by 2030, more than 85 million jobs could go unfilled because of the lack of people skills to fill them.
Most firms are now taking a new approach of not only focusing on new hires but also on programs that can help retain existing employees. IT departments in particular have increased efforts to retain valuable staff in the face of persistent skill gap challenges as they have been the most affected group.
Let us look at a few strategies to retain top talent while also attracting new employees.
Retention begins at the recruiting stage
Retention begins with the application process, which includes screening applicants and deciding who to interview. It begins with determining which aspects of your corporate culture you want to emphasize and the strategy you would like to implement moving forward. Have a checklist of what you are looking for in an ideal employee and then look for those in your candidates. This will save you the time and effort you might put into vetting candidates who aren't a good fit for your company.
Recognize candidates who will stick with the program.
While creating your checklist for your ideal candidates, go beyond the information that has been provided in their resumes. One of your best indicators is to choose candidates who have spent a long time at their previous jobs. Look for the duration they have worked and make a note of the timeline. If they have stuck with an organization through thick and thin, that is a good indicator of perseverance, loyalty, and engagement in their role. In addition, look for team players.
If there are candidates who have worked along with teams such as in a sport or volunteered for a cause, then there are your ideal candidates. You already know that they have a growth mindset and will go through with their work if they really care about something. If you have candidates who have had 5 different jobs in a matter of 6 years then they might require a lot more effort to retain.
Pick candidates whose values align with your organization
Employees who are aligned with the organization's values, vision, and mission tend to stay longer. Thus, identifying them during the recruitment process can pay long-term dividends in terms of retention. Rather than focusing solely on longevity, identify candidates with whom your organization's story resonates. When top talent believes they share values with their employer, they are more likely to stay with the organization for a longer period of time.
Prioritize your employees' needs.
Experts advise that you should understand your employees' desires and be prepared to meet them. Employee expectations are changing, as our times change. People, for example, are looking for organizations that can offer flexibility in a way that meets their specific needs and preferences. That holds true whether they are an applicant or an existing employee. If a company is unable to provide flexibility, it may find it difficult to attract and retain talent. Recognize that people are multidimensional — and that as a firm, you must support the whole person, whether through flexibility, a diverse set of benefits, financial stability, or purposeful projects to keep them engaged.
Engage your workforce
Employees who are engaged in their workplace are more likely to stay, but the opposite is also true: workers who are disconnected from development opportunities, management, or the organization's values are more likely to leave. Disengaged workers constitute a sizable proportion of the workforce: according to a Gallup poll conducted in 2021, 15% of US workers are "actively disengaged."
Engaging employees through employee engagement programs such as employee volunteering, Zumba or workout sessions, webinars on new topics, and workshops to help build new skills, can make your employees more enthusiastic about their work and will contribute to an overall positive work environment.
If you are looking to implement employee volunteering as your employee retention strategy then Chezuba is the best platform for you. With nonprofit partners from over 100 countries and a myriad of skills to choose from, your employees will be able to volunteer virtually at any time from anywhere. Book a free demo to learn how Chezuba can help you implement and scale your employee volunteering program.
Together, we can create a world where no one is denied the chance to gain literacy skills. Let’s stand united in promoting education for all and commit to actions that drive lasting change.
Good corporate citizenship is a must, not a nice one to have. It's a "must-have" if you want your business to stay accountable, successful, and competitive. Employee engagement is boosted by strong corporate citizenship, and when we're all engaged, good things happen.
Employee engagement is a critical factor that directly impacts a company's productivity, retention, and overall success. The statistics we've highlighted not only shed light on the current state of employee engagement but also underscore the pressing need for organizations to prioritize it.
Chezuba can play a crucial role in this journey by providing personalized volunteering opportunities that align with employees' skills and passions, further enhancing their engagement and connection to the company's mission.
Celebrating the 4th of July at work is an excellent way to build team spirit, promote a sense of community, and acknowledge the significance of independence.
Every action, no matter how small, contributes to the larger goal of nature conservation. This World Nature Conservation Day, take a step towards making a difference. Whether through volunteering, adopting sustainable habits, or supporting conservation efforts, your commitment can help protect and preserve our planet for future generations. Together, we can create a more sustainable and thriving world.
Celebrating Nelson Mandela International Day through corporate volunteering is a powerful way to honour Mandela’s legacy and contribute to social change. By engaging in diverse and impactful activities, companies can create meaningful experiences for their employees, strengthen community ties, and make a lasting difference.
Together, we can create a world where no child is robbed of their childhood. Let’s stand united against child labor and commit to actions that drive lasting change.
World Environment Day offers a unique opportunity to make a tangible difference in the fight against environmental degradation. By volunteering, you not only support critical conservation efforts but also gain personal benefits such as new skills, improved well-being, and strengthened community ties.
By building strong internal support, companies can harness the full potential of their CSR programs, creating a better future for their employees, communities, and the planet.
Read the article to learn how empowering employees in corporate volunteering programs fosters a sense of purpose among employees and significantly improves retention rates.
Implementing these strategies can help companies not only achieve their corporate citizenship goals but also create positive social and environmental impacts while driving long-term business success. By embracing responsibility, fostering inclusivity, and collaborating effectively, businesses can contribute meaningfully to societal well-being while enhancing their reputation and competitiveness in the market.
May Day is a day to reflect on the progress made in labor rights, honor workers' contributions, and celebrate unity within organizations. By incorporating these engaging and meaningful activities into your May Day celebrations, you create a positive and inclusive workplace culture.
Engaging employee giving and employee volunteering activities on World Health Day can foster a culture of well-being and employee satisfaction. Read the article to learn more.
By going along with these trends, companies can help make the future more sustainable and become leaders in their fields. As time goes on, it is important to stay committed to business social responsibility and work toward making the world fair and prosperous for everyone.
The emergence of employee volunteering and engagement as prominent trends in CSR reflects a broader shift towards more holistic and inclusive approaches to corporate social responsibility.
Virtual volunteering offers a number of benefits for both volunteers and nonprofits. Read the article to learn more about the future of Nonprofit support in the USA.
Read our in-depth blog post about the significant advantages of Volunteer Time Off (VTO) as a Corporate Social Responsibility tool and how it helps both workers and employers.
In this evolving world of businesses, employee engagement is more important than ever. Read the blog to learn about the evolving trends and its significance in business growth.
Running a company is hard. But it’s not just the business you have to handle, employee satisfaction also matters a lot. The employee giving program can help you with this aspect.
Studies have shown that businesses with strong corporate CSR programs can build deeper connections with employees, customers, and other key stakeholders.
Corporate social responsibility is a form of self-regulation that reflects a company's accountability and commitment to the well-being of society through environmental and social measures. It plays an important role in brand perception, appealing to employees, customers, and investors alike.
This article is designed to help you understand the modern employee and how to create a workplace that is conducive to their personal and professional growth.
This article is about the importance of the International Day of Persons with Disabilities and the volunteer opportunities that are available to people with disabilities.
We address the increasing importance of employee purpose and have also attempted to explain how your leadership team can make adjustments to integrate meaningful work as part of your company culture.
Concept notes are one of the first steps to take when trying to secure funding for your projects. We have listed out what a concept note is, its importance, and tips to draft a great concept note.
10th of October of every year is as World Mental Health Day by the WHO but your employees' mental health matters all year round. We have listed a few changes you can make to your organization to cater to the mental health needs of your employees.
This report provides an analysis of the current state of the global workplace and the impact of the pandemic on productivity and how the term “productivity paranoia” came about.
Here’s a brief overview of what diversity and inclusion are and why it is a must for your organization. This blog will be most resourceful to aid you in creating and maintaining diversity in your workplace.
Companies can aid society, engage remote employees in developing their skills, and even improve brand reputation by fostering a culture of giving through virtual volunteering.
Employees are typically the backbone of any firm, and a firm's success depends on the well-being of its employees. Discover how you can properly support your employees' mental health.
As we go about your daily operations, we are bound to hit few snags. Finding a quick fix to these issues can help in the short run, but the most viable solution is to focus on finding the root problem and address it. Let's learn how using the 5 Whys Tool.
This article is meant to give you an idea of the benefits of corporate social responsibility. It will give you an idea of how to implement it into your business and how to reap the benefits for years to come.
In this article, we discuss why employees are leaving the workplace increasingly to focus on their mental health and a few changes you can make to your workplace to combat this issue.
This article is an introduction to the concept of corporate citizenship and how it relates to business. It explains what it means to be a good corporate citizen and how it can be applied to your business.
By measuring the impact your nonprofit creates, you will be able to provide your donors with transparency and the knowledge of how they are able to help make a difference in the world. Learn how with this article.
This article discusses the need for organizations to bridge the skills gap in today's economy. It discusses the current pandemic and how it has widened the existing skills gap, and how organizations can use the pandemic to their advantage.
This article is meant to give you a better understanding of how volunteering for a nonprofit can be a great way to use your skills to help those in need in your community.
Corporate philanthropy is a great way to get your employees to get more involved in their communities and to help them feel more connected to their work.
This article discusses the benefits of volunteering, and how it can be a transformative experience and a great way to connect with people and interact with new people.
This blog shows you how to keep track of your corporate volunteering program and evaluate its impact. It is essential to keep a record of your program's progress and evaluate it based on the results you get.
In this blog, we will discuss what virtual volunteering is, how it works, the pros of volunteering virtually and how you can become a virtual volunteer.
This article discusses the importance of creating meaningful volunteer opportunities for employees and 6 ways to improve the number of employees who participate in these programs.
This article talks about the importance of a board of directors for nonprofits, the benefits of having a board of directors, and their roles and responsibilities.
This article is about virtual corporate volunteering ideas that can be executed by your organization to engage employees and also support nonprofits and charities.
This article explains how employee purpose is a key factor in a better workforce, and how you can help your employees find it through your CSR strategies.
This article is about the benefits of having a business volunteering program. It is a great way to get your employees involved in the community and to get them to give their hundred percent to their work.
This article provides a comprehensive overview of the best practices that can be implemented to create successful international corporate volunteering programs.
This blog has discussed 6 easy steps to organize a successful company volunteer day. By following these steps, you will be able to ensure that your company's volunteer day will be a huge success.
This blog will give you a basic understanding of corporate philanthropy. It is important to understand what corporate philanthropy is and why your company should choose it as a part of your CSR strategy.
This article will discuss the Logframe technique and its application in project planning. It will also discuss the structure of the Logical Framework and its various components.
This article discusses how you can incorporate virtual volunteering into your corporate social responsibility strategy. It shows you how to create a virtual volunteering program that is aligned with your company's values and aligns with your CSR strategy.
This blog gives you an idea of how volunteering can help you advance your career and help you gain valuable work experience, showcase your skills and knowledge, and help you explore new career opportunities.
This article contains some fun ideas to celebrate Earth Day in your workplace. Earth Day is an annual celebration of the environmental movement's accomplishments and a reminder of the significance of long-term ecological sustainability.
This article discusses how technology is making corporate volunteering easier and more accessible for companies to use and incorporate into their CSR programs.
Here's how Chezuba connects you with incredible online volunteers who can help you engage and persuade your stakeholders to take action by creating compelling content.
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